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position the bottom of a strategically important chain of islands that could block the chinese navy from the east china sea. they have been a source of daily confrontations on the sea and now in the air between japan and china. you have two new administrations, one in china, one in japan. there is a hardening of positions on both sides. there's the usual diplomatic feelers, but i haven't talked to anyone who takes them marley seriously. and we are -- particularly seriously. and we are one ep3 incident away from potentially a major conflict. do i think it'd be a war? no. on the other hand, the domestic tensions in both countries, i think, mean this would not be very easy to solve. and whoever backs down either before conflict or after conflict is going to lose an enormous amount of credibility and influence in the region. both sides know that, and that's why they are now moving forward to getting much closer to war. the third thing is managing this broader china relationship, and here's where i'll link it back to what dani said and wrap up my comments. this is the long game. i think that
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